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Can a small estate affidavit be used to transfer property?
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By submitting a small estate affidavit, you may be able to speed up the settlement of an estate and claim assets outside of the formal probate process. A formal probate court oversees the process of distributing a decedent’s property to lenders, creditors, and then to heirs.
If the estate is valued at $150,000 or less, you can apply for probate through the optional and simplified small estate court process. For estates of any value, you can apply for probate through the regular court process (Application for a Certificate of Appointment of Estate Trustee).
A small estate affidavit allows surviving heirs to transfer property owned by the deceased’s estate without having to go through a long and sometimes very complex probate process. Here we examine the small estate affidavit and what it does, how it’s used, and who can use it.
You may be able to use a Small Estate Affidavit to have the property transferred to you. You give this Affidavit to the person, company, or financial institution (such as a bank) that has the property so that they can legally transfer it to your name.
Sep 11, 2023 · Obtaining a Small Estate Certificate in Ontario can be a practical and efficient way to manage the assets of a smaller estate. It helps simplify the probate process, reducing the administrative burden during an already challenging time.
Updated Apr 5, 2024. After someone dies, his or her estate must be settled (e.g., debts resolved, assets distributed). This page explains province-specific procedures for settling a small estate without going through the full court-supervised process known as probate.
A small estate affidavit form can streamline the transfer of assets from a deceased person to their heirs and make it more cost-effective.
